- H&M to Close Hundreds of Stores as Online Shift Accelerates “H&M plans to close hundreds of stores next year as the coronavirus crisis drives more shoppers online, the world’s second biggest fashion retailer said on Thursday, after reporting a smaller than expected drop in third-quarter profit.” (Reuters)
- New Coalition of Public and Private Sector Leaders Call on Congress to Act on COVID Relief before They Recess “COVID RELIEF NOW, a new coalition of more than 225 major public and private sector groups across the U.S., today called for “No Recess without Relief,” imploring Congress to not leave town for the 2020 elections without passing additional COVID economic relief.” (American Hotel & Lodging Association)
- Manhattan Office Space Floods Market in Biggest Jump Since 2008 “Office space is flooding the market in Manhattan, as companies look to cut costs during the pandemic.” (Bloomberg)
- Store Landlords Face a Battle for a Cut of Online Sales “If retailers want leases that reflect modern shopping habits, should they hand over a cut of online sales to their landlords?” (Wall Street Journal)
- Consumer Spending Rose in August, but Incomes Pose Hurdle for U.S. Recovery “A drop in household income and persistently high layoffs are threatening to further slow the U.S. economic recovery, which already appears to be losing momentum as the pandemic continues.” (Wall Street Journal)
- Nuveen Invests $400M in Single Family Rental Platform “Nuveen Real Estate, one of the world’s largest real estate investment managers, announced that it will invest up to $400 million through Sparrow, a newly launched single-family home rental platform.” (Real Estate Weekly)
- Stand Clear: MTA Service Cuts Could Derail Tri-State Economy, Analysts Warn “The Metropolitan Transportation Authority’s plan to cut 40 percent of subway and bus service and 50 percent of service on the commuter railroads may hit the real estate values and the economies of the suburbs even harder than those of New York City.” (Commercial Observer)
- Drive-Thru Times at Fast-Food Chains Slow by Nearly 30 Seconds as Demand Soars during Pandemic, Study Finds “As consumers increasingly pick up their fast-food orders from the comfort of their car, average drive-thru times across 10 chains slowed down by nearly half a minute, according to an annual study conducted by SeeLevel HX.” (CNBC)
- New York City Real Estate In Q3 2020: The Slow Beginnings Of Revival “New York real estate is waking up! The slow beginnings of revival have characterized the third quarter of New York City’s 2020 real estate market.” (Forbes)
- California Will Require Public Companies to Have Diverse Boards “California will require publicly traded companies headquartered in the state to add minority board members by the end of 2021 under a first-in-the-nation bill signed into law by Gov. Gavin Newsom on Wednesday.” (MarketWatch)
- Housing Boost U.S. Construction Spending in August “U.S. construction spending increased more than expected in August as historically low interest rates boosted homebuilding.” (Reuters)
- New York Becomes First Big City in U.S. to Reopen All Its Schools “It’s a significant moment for the recovery in a city hit hard by the pandemic in the spring. The system, the nation’s largest, is welcoming back 500,000 students.” (The New York Times)
- Cuomo Rolls Out ‘COVID Alert’ App that Notifies Users if They’ve Been in Contact with Infected Person “Gov. Cuomo unveiled a new smartphone app on Thursday that alerts users if they’ve been within six feet of a person who has tested positive for the virus.” (New York Daily News)
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